Financial Crime World

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Financial Institution Cybersecurity Risks in Iceland Take Center Stage

As cyber threats from hostile attack groups continue to escalate, a recent lunch meeting held by Defend Iceland, in collaboration with the European Digital Innovation Hub (EDIH-IS), The Icelandic Centre for Research - RANNÍS and Reykjavík University, highlighted the imperative of proactive security measures in the face of these growing threats.

The event, which took place on April 11 at Fenjamýri in Gróska, brought together experts to discuss the risks faced by financial institutions in Iceland.

Akira Ransomware Group: Who Are They and How Do They Operate?

Assistant Professor Jacqueline Clare Mallett from Reykjavík University presented a talk on the Akira ransomware group, which has been responsible for several devastating attacks in Iceland and abroad. The group operates its “ransomware as a service” criminal operations, targeting companies with simple precautions to detect and prevent such attacks.

Key Takeaways

  • The Akira ransomware group is known for its “ransomware as a service” operations
  • They target companies with minimal security measures in place
  • Their attacks can have devastating consequences for affected organizations

Shift Left - Taking Control with Proactive Cybersecurity

Guðmundur Karl Karlsson, Infrastructure Architect at Íslandsbanki, discussed the bank’s proactive approach to cybersecurity by shifting its security testing left and implementing a bug bounty program in partnership with Defend Iceland. The importance of providing developers with the right tools and training to reduce friction was emphasized.

Key Takeaways

  • Shifting security testing left can help identify vulnerabilities earlier in the development process
  • Implementing a bug bounty program can provide an additional layer of security testing
  • Providing developers with the right tools and training is crucial for reducing friction and improving cybersecurity

Cyber Resilience in the Financial System

Gunnar Jakobsson, Deputy Governor for Financial Stability at the Central Bank of Iceland, discussed the bank’s role in preserving financial stability in the face of increasing cyber risks. He highlighted where the primary exposure lies and what measures can be taken to mitigate these risks.

Key Takeaways

  • The Central Bank of Iceland plays a crucial role in preserving financial stability
  • Cyber risks are a significant threat to financial stability
  • Measures such as implementing robust security protocols and conducting regular penetration testing can help mitigate cyber risks

Conclusion

The event moderator, Jóhanna Vigdís Guðmundsdóttir from Defend Iceland, emphasized the importance of collaboration between organizations to address the growing threat of cyber attacks on financial institutions in Iceland.

Call to Action

  • Financial institutions in Iceland must prioritize proactive cybersecurity measures
  • Collaboration and information sharing between organizations is crucial for addressing the growing threat of cyber attacks
  • Individuals with expertise in cybersecurity can play a key role in helping to mitigate these risks